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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>1997 Amendment: Companies Can't Accept New Deposits if Defaulting on Previous Repayments. Effective March 1.</h1> The Companies (Acceptance of Deposits) Amendment Rules, 1997 introduces changes to the Companies (Acceptance of Deposits) Rules, 1975. Effective from March 1, 1997, companies are prohibited from accepting or renewing deposits if they are in default of repaying any previous deposits or interest. Additionally, a new sub-clause requires companies to confirm they are not in default of any deposit repayments. These amendments were made under the authority of the Companies Act, 1956, in consultation with the Reserve Bank of India, and were published in the Official Gazette by the Ministry of Finance's Department of Company Affairs.
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